Penn National to Acquire Sanford-Orlando Kennel Club
JULY 6, 2007. Penn National Gaming, Inc. (Nasdaq: PENN) announced today that it has entered into a definitive agreement to purchase the Sanford-Orlando Kennel Club in Longwood, Florida from Sanford-Orlando Kennel Club, Inc. and Collins & Collins. In connection with the purchase agreement, Penn National also has secured a right of first refusal with respect to a majority stake in the Sarasota Kennel Club in Sarasota, Florida from Jack G. Collins, Sr. and members of his family. The purchase of Sanford-Orlando Kennel Club is expected to close in the 2007 fourth quarter and is subject to several customary conditions, including approval by Florida's Department of Business and Professional Regulation. The purchase price for Sanford-Orlando Kennel Club contemplates additional consideration to be paid by Penn National based upon certain future regulatory developments.
Peter M. Carlino, Chief Executive Officer of Penn National commented, "This transaction is consistent with Penn National's long-term initiatives to acquire well-run pari-mutuel facilities that increase the scale and diversity of our operations. The purchase consideration is attractive given the upside of the opportunity and the fact that Sanford-Orlando Kennel Club is cash flow positive. We look forward to working with our track partners and Florida's regulatory authorities to continue delivering entertaining racing and simulcast offerings to the residents of central Florida."
Located on approximately 26 acres in Longwood, Florida, the Sanford-Orlando Kennel Club features year-round greyhound racing, a simulcast wagering facility, a clubhouse lounge and two dining areas. Located in Sarasota, Florida, the Sarasota Kennel Club features year-round greyhound racing, a simulcast wagering facility, two dining options and the One-Eyed Jacks Card Room which features 24 poker tables.
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